Sony CEO Kazuo Hirai said Wednesday that the board of the Japanese electronics and entertainment giant would assess a proposal from Daniel Loeb's Third Point LLC hedge fund, Sony's biggest shareholder, to spin off up to 20% of its movie, TV and music division.

Loeb said money from the sale could be used to shore up Sony's ailing device manufacturing unit.

Sony initially responded by saying its entertainment business wasn't for sale, though some analysts said the strategy might help Sony unlock hidden value.

Staples is expected by Wall Street to post first-quarter earnings of 27 cents a share on revenue of $5.91 billion.